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described herein shall not relieve the BORROWER of any of its duties and obligations under this <br /> contract. <br /> 11. In event of a conflict. In the event of conflict between the terms of this contract and <br /> conditions as set forth in any of the appendices, the provisions of this contract shall control. <br /> 12. Periodic inspections. Throughout the term of this contract, the BORROWER shall permit a <br /> designated representative of the,STATE to make periodic inspecti h. '•• E T. Such inspections <br /> are solely for the purpose 4f verifying compliance with the to f! .n i s of this contract. <br /> Furthermore, such inspections shall cover the condition o i .perating records, <br /> maintenance records, and financial records, and shall no = s o. trued n•r interpreted as an approval <br /> of the actual design and/or construction of any elemen f : PR - ' '_S <br /> 13. Adhere to applicable laws. The BORROWER shall strictly adhere t•1. . - ' • federal, state, <br /> and local laws and regulations that are in effect or may hereafter be esta•lished throughout the term <br /> of this contract. <br /> 14. No discrimination of services. The services of said PROJECT sh.II be made available within <br /> its capacity and in accordance with all pertinent statutes, rules and r.gulations, and operational <br /> guidelines to all persons in the BORROWER'S service area without discri ination as to race, color, <br /> religion, or national origin at reasonable charges (including assessments .r fees), whether for one or <br /> more classes of service, in accordance with a schedule of such charg,s formally adopted by the <br /> BORROWER, as may be modified from time to time. <br /> B. The STATE agrees as follows: <br /> 1. Agreement to loan money. The STATE agrees to loan to the B•RROWER an amount not to <br /> exceed that specified in the Promissory Note Provisions of this contract <br /> 2. Disbursements. The BORROWER shall submit written request for t e loan funds accompanied <br /> by construction firm's final pay estimate or other documentation showin s the expenses incurred by <br /> the BORROWER in the construction of the PROJECT. The STATE shall revie and, upon acceptance of <br /> the items therein as eligible expenses as described below, the STATE will •ay to the BORROWER up to <br /> 75% of the cost of the project up to $45,000 within thirty (30) days. <br /> 3. Release after loan is repaid. Upon complete repayment to the STAT of the entire principal and <br /> any accrued interest as specified in the promissory note provisions of this contract,the STATE agrees <br /> to execute UCC-3 forms to terminate all of the STATE'S rights in and to the revenues pledged to repay <br /> this loan, and to release, in writing, the Conditional Assignment of Cont act Proceeds. <br /> C. The STATE and the BORROWER mutually agree as follows: <br /> 1. Designated agent of the STATE. The CWCB, which includes its agents and employees, is <br /> hereby designated as the agent of the STATE for the purpose of this con ract. <br /> 2. Contract is not assignable. This contract is not assignable by the :ORROWER except with the <br /> prior written approval of the STATE. <br /> 3. Contract relationship. The parties to this contract intend that the elationship between them <br /> contemplated by this contract is that of lender-borrower, not emplo er-employee. No agent, <br /> employee, or servant of the BORROWER shall be, or shall be deemed to b-, an employee, agent, or <br /> servant of the STATE. The BORROWER shall be solely and entirely responsi•le for its acts and the acts <br /> 1 <br /> Tremont Mutual Ditch Company Page 6 of 10 Loan Contract <br />